We study the influence of policy uncertainty on the moral behavior of firms. When facing uncertainty, managers perceive various socioeconomic obstacles as more severe and disruptive to their business. Using data from policy uncertainty spouts in 93 countries, we document that some firms engage...

The pricing of global commodities has come to rely heavily on the role of financial institutions and derivative instruments in recent years. The financial crisis and the increasing volatility of commodity prices, however, exposed the weaknesses of physical and financial commodity markets. In...

This article discusses the unitended effects of increased anti-corruption enforcement by the United States Department of Justice and the Securities & Exchange Commission. With the emergence of other maturing economies, the United States can no longer assume that most companies will tolerate its...

In this paper we focus on two issues. First, we examine whether firms in a thirty country sample finance long-term and short-term investment similarly. Second, we investigate whether perceived differences in the efficiency of the legal systems and in financial institutions across countries are...

Over recent years, a number of regulators have launched proposals to expand the obligation to disclose major share ownership in listed companies. This paper shows that these are not stand-alone developments. Using a unique dataset comprising data from 25 countries over 11 years (1995-2005) and...

This paper critically examines the conventional view that the lack of fiduciary duty protections for corporate shareholders in civil law systems explains crucial differences in corporate structure and finance. It questions the thesis that the structure of civil law systems militates against the...

Corruption has been identified as a significant issue in telecommunications, seen in bribery and nepotism over many years, raising questions as to whether there are comparable problems with the Internet. Complex systems of Internet governance have excluded the issue, failing to put in place any...

This article aims to identify and examine the key issues impacting China’s financial regulation in light of the recent global financial crisis (GFC). The investigation generates a number of important findings. First, the effects of the GFC on China’s financial system have been relatively...

This paper applies a Bayesian model averaging algorithm to systematically evaluate the “law matters” literature and finds that the positive cross-country relationship between anti-self-dealing rules and stock market development proposed by Djankov, La Porta, Lopez-de-Silanes, and Sheifer...